Sky City Entertainment Group Ltd. (SKC.NZ) Managing Director Evan Davies is defending the company's acquisition of Australian casino assets, saying shareholders stand to benefit in the long term. 

Davies, writing in Wednesday's edition of the Dominion Post newspaper, said the Market Pulse column of March 9 has taken a short term and narrow view in asserting that Sky's investment in Adelaide casino, cinema operator Sky City Leisure and Canbet have been unsuccessful. 

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Davies also rejected the column's assumptions that Sky City's recent acquisition of the Darwin casino and hotel for A$195 million will prove ill-conceived. 

"Fortunately for Sky City's shareholders, the board and management take a long-term view, and this considered approach has provided shareholders with consistent value enhancement to shareholders," Davies said. 

Shares of Sky City, New Zealand's biggest casino company, have been weighed down since the purchase of Darwin was announced Feb. 11. The purchase has attracted mixed reviews from analysts. 
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Flat first half revenues at its Adelaide casino also renewed questions about the merits of the Darwin purchase. The stock has fallen nearly 5% since Mar. 5, partly hurt by negative media about Sky's acquisition track record. 

Davies said the Adelaide casino, which was acquired in June 2000 for A$185 million, was in a rundown state, requiring immediate capital spending of A$12 million. 

Davies said the initial investment wasn't expected, however, to provide the "ultimate solution to the business's relatively narrow entertainment presentation." 

Davies said the company took initiatives to drive revenue, but growth tapered off over the past 12 months, and plans to spend up to A$70 million to expand and redevelop the business is aimed at boosting the investment to mirror its highly successful Auckland operations. Moreover, Adelaide was always viewed as a five to seven year program, he said. 

Davies said Darwin, unlike Adelaide, isn't "a turnaround challenge." 

"Rather we have identified that the Darwin business has revenue upside opportunities that will add value to what is a core business acquisition secured at a favorable price," he said. 
Carlton forward Brendan Fevola has been handed a one-match suspension by the club after missing a training session.

The decision means he will miss the Blues' final practice match, against Richmond this Friday.

The club opted to take the course of action after Fevola missed a skills session on Monday.

It followed an incident involving Fevola at Melbourne's Crown Casino earlier that morning.

Coach Denis Pagan reportedly said that the incident was now over and he would like to move on.
Churchhill Downs has launched the official 2004 Kentucky Derby website, KentuckyDerby.com. ‘We’ve created an informative, entertaining and compelling website surrounding the Kentucky Derby,’ says Steve Fugitte, VP of racing information and new media for the Churchill Downs Simulcast Network.

Information is presented in four major sections. The coverage section features snapshots of event contenders, Derby news, daily updates from around the racetrack — including videos of on-site morning workouts and trainer interviews. The new site offers comprehensive coverage with exclusive articles, news updates, interactive components and archived videos of the top contenders’ Derby prep races, all at free of charge. Other features of KentuckyDerby.com include the top 10 selections from Las Vegas handicapping expert Roxy Roxborough as well as favorite picks from CDSN handicappers such as John Asher, Jill Byrne, Lane Gold and Fugitte.


For horseracings fans craving for a slice of history, the Derby timeline offers collection of charts and statistics from the 129 Derby races, information on the Derby winners’ connections, and sections on blacks and women in the Derby. For old hands the experience section provides an extensive photo gallery and information on the icons and traditions such as the Garland of Roses, Mint Juleps, Derby hats, Millionaire's Row and the Twin Spires.


Also of interest to racing fans might be the 2004 Kentucky Derby 'Road to the Roses' Fantasy Challenge, a free, Internet-based game. Users compete with thousands of other horseracing fans for a VIP trip to the 2005 Kentucky Derby and Oaks, plus prizes, wagering vouchers and merchandise worth thousands of dollars. 


The seven year old game is an online rotisserie-style game that allows race fans to create a fantasy stable of Kentucky Derby hopefuls, along with accomplished jockeys and top trainers. Points are awarded based on how well the selected horses and human beings perform in a series of 35 races leading up to and including the Kentucky Derby. Players are required to select five “active” horses for each weekend of prep races and can add two horses from March 29 through April 2.


For live action, Churchhill has set up web cams that give viewers a live looks inside Churchill Downs. With an online Derby Store, fans can also purchase more than 130 Kentucky Derby licensed apparel and souvenirs.

"We've moved on," he was reported as saying on Carlton's website.

"It's pointless even talking about it now. I'm not going to say anything. I don't want to be rude or smart or anything [but] it was three days ago."

He suggested Fevola's absence against Richmond would merely give the club's host of youngsters a chance to impress.


He said the company's majority-owned cinema unit, Sky City Leisure, is an important part of the company's core business and has strong brand value. Sky City Leisure, bought in February 2001, has managed to come out of a difficult period after debt servicing problems in Argentina blew a hole in its balance sheet in 2002. 

Davies acknowledged that its investment in the online betting operation Canbet is yet to deliver on expectations, but said that the business is a small component of its portfolio. 

Sky City's investment strategy, with the possible exception of Canbet, will deliver "excellent returns, both in capital growth and dividend yield," Davies said. 

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